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Research Report

Research Report
September 20, 2018

Defense: The Payments Problem

By: Carter Copeland  Twenty-five years ago, the fate of the US Defense industry changed forever…
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Research Report
September 12, 2018

CFX: Where’s the Cash? Downgrade to Underweight

By: Scott Davis It’s unusual for us to make a negative stock call in the…
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Research Report
September 11, 2018

Melius Cycle Views: The Cycle is (Still) Accelerating

By: Scott Davis  The industrial upcycle remains very strong, with growth accelerating against tougher comps Industrial…
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Research Report
September 10, 2018

Used Pricing Shows Cycle Strength for CAT North America Construction

By: Rob Wertheimer  We’ve argued that earthmoving construction has a long upcycle ahead, that investors who…
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Research Report
September 6, 2018

Boeing: On the Road to Recovery?

By: Carter Copeland  While BA’s Investor Day was littered with several thesis-confirming observations to highlight (on…
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Research Report
August 27, 2018

Productive Lifespan of Long Haul Trucks

By: Rob Wertheimer  Over the years we’ve asked every truck salesman, business manager, or driver we’ve…
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Research Report
August 1, 2018

Upgrading Machines: Time for Cyclical Exposure

By: Rob Wertheimer  We suggest taking a second look at machinery. Shares are trading as…
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Research Report
July 18, 2018

GWW: This Year’s Mean Reversion Poster Child

By: Jake Levinson  Grainger has quickly gone from the most out-of-favor name in our coverage to…
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Research Report
July 17, 2018

Why Culture Matters: Simplicity is an Investible Theme

By: Scott Davis The vast majority of Wall Street analysts spend their careers trying to find…
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